TEMECULA, CALIF. (June 17, 2014) – CBRE Senior Vice President Philip D. Voorhees announced today that he and the National Retail Investment Group – West (NRIG-West) team completed the sale of Rancho Temecula Town Center, a 165,486-square-foot community shopping center in the city of Temecula, Calif., anchored by a high-performing Sprouts Farmers Market along with LA Fitness, Rite Aid, BevMo! and a complementary mix of pad and shop tenants including Starbucks, Navy Federal Credit Union, Bruegger’s Bagels, Juice it Up!, Wings-N-Things, and Bright Now! Dental. The sale price was $60 million, representing a 5.6% cap rate. The property was approximately 93% occupied at the time of sale.

CBRE’s retail investment experts Voorhees, Reg Kobzi, Megan Read, Brad Rable, Matt Burson, John Read and Jimmy Slusher, represented the seller, a partnership between an affiliate of Walton Street Capital, LLC, a Chicago-based private equity firm, and Colorado-based, Alberta Development Partners. The buyer, also represented by Voorhees and the NRIG-West team, was LaSalle Investment Management, Inc., acting as an advisor to Jones Lang LaSalle Income Property Trust, a non-listed, daily valued perpetual-life REIT. CBRE leasing professional Barclay Harty was the leasing agent on Rancho Temecula Town Center at the time of the sale.

“The strong competition to acquire Rancho Temecula Town Center indicates the continued institutional preference to own the highest-performing, highest quality grocery-anchored shopping centers throughout Southern California,” said Voorhees.

“Rancho Temecula Town Center is an excellent project with an impressive Sprouts Market and a top-tier tenant roster. Lucas Kimmell, Erick Paulson and the entire LaSalle Investment Management team were terrific to work with,” said CBRE’s Francis.

Built in 2007, Rancho Temecula Town Center is a wholly-owned, 20-acre site along the “going home side” of Winchester Road, which is one of the trade area’s primary arterials.

According to Voorhees, the CBRE team’s marketing system distributed more than 691 offering memoranda to investors and brokers, and through the team’s “managed bid” offer process, generated 11 offers to purchase the property. The purchase price mirrored CBRE’s pricing guidance to the ownership.

With this closing, CBRE’s NRIG-West team has closed 87 transactions since the start of 2012 for a total consideration of $1.9 billion. In total, the NRIG-West team has listed and sold more than $7.8 billion in retail transactions. Select NRIG-West Team California listings include South Hills Plaza in West Covina, Calif., listed for sale for $20,995,000; Commonwealth Square in Folsom, Calif., listed for sale for $20,095,000; and Garden Grove Festival Square in Garden Grove, Calif., offered for sale for $12,087,000. More information available at www.cbre.com/nrigwest

NRIG-West Team focuses exclusively on retail investment properties in the western states (including CA, OR, WA, ID, NV, MT, WY, UT, AZ, NM and HI). The Team’s ability to collaborate across CBRE’s multi-discipline platform enhances the team’s role as strategic advisors to Western U.S. clients in the disposition and acquisition of retail properties, and ensures the delivery of superior results in today’s investment market. Long recognized as industry-leading investment experts, the NRIG-West Team continues to specialize in portfolio, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets and parcelized disposition strategy opportunities. Based in Orange County, Calif., the Team consists of specialists with institutional and private client relationships, and leverages institutional quality knowledge and service across unparalleled access to private capital investors and the brokers who represent them, domestically and around the world. View listings: listings.nrigwest.com

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Business Real Estate Press Releases

Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that Executive Vice Presidents Eric Wohl and Kevin Fryman, along with President Ed Hanley, represented Phillips Edison & Company, Inc., the seller, in the sale of a Safeway-anchored 87,697-square-foot shopping center in the Denver metro area. Hanley Investment Group also represented the buyer, Midtown National Group, LP of San Diego, California, in the transaction.

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